Insight Wealth Partners LLC Sells 304 Shares of AbbVie Inc. $ABBV

Insight Wealth Partners LLC trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 8.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 3,211 shares of the company’s stock after selling 304 shares during the quarter. Insight Wealth Partners LLC’s holdings in AbbVie were worth $596,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. FF Advisors LLC lifted its holdings in shares of AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after acquiring an additional 53 shares during the last quarter. Private Management Group Inc. raised its holdings in AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after buying an additional 54 shares during the last quarter. LifeSteps Financial Inc. raised its holdings in AbbVie by 0.7% during the 2nd quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company’s stock valued at $1,366,000 after buying an additional 54 shares during the last quarter. Silicon Valley Capital Partners raised its holdings in AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock valued at $118,000 after buying an additional 56 shares during the last quarter. Finally, Seneca House Advisors raised its holdings in AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock valued at $388,000 after buying an additional 56 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Erste Group Bank lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, October 14th. Wall Street Zen upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a report on Saturday. Cantor Fitzgerald set a $250.00 price target on shares of AbbVie and gave the company an “overweight” rating in a report on Thursday, October 9th. Finally, Citigroup reissued a “neutral” rating on shares of AbbVie in a research report on Monday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $234.80.

AbbVie Stock Down 0.1%

Shares of AbbVie stock opened at $228.06 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company’s fifty day simple moving average is $220.69 and its two-hundred day simple moving average is $198.94. The company has a market cap of $402.87 billion, a P/E ratio of 108.60, a PEG ratio of 1.44 and a beta of 0.51. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.65 earnings per share. Research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie’s dividend payout ratio is currently 312.38%.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.